Banco Pan, is a Brazilian midsize commercial bank headquartered in São Paulo. The bank primarily focuses on granting consumer loans to individuals in lower to medium income brackets. Its services include consumer loans, payroll deduction loans, credit cards branded as Visa or MasterCard, insurance products, leasing, and group financial activities.
History
Banco Pan was founded in 1969 when Grupo Silvio Santos, owned by billionaire media-man Silvio Santos, purchased the Banco Real Sul and renamed it PanAmericano.
The bank has operated as a multi-service bank since 1991, starting its credit card operations in 1994 and leasing operations in 1998 through a subsidiary, Panamericano Arrendamento Mercantil. In 1999, the insurance company, Panamericano de Seguros was incorporated into the bank. Banco Pan has been offering payroll deduction loans since 2002.
In 2005 it garnered public attention for large bonuses.[2] In 2009, Caixa Econômica Federal, the second largest Brazilian state-owned bank, bought part of the Grupo Silvio Santos shares becoming the second largest shareholder of the institution.